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Exchange and Complete on the same day
Comments
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can't exchange unless all monies are present you won't have aproblem and theres no need for deposits etc people just being safe. Have experienced both sides of the coin and never been a problem its a lot safer e &c same day as they don't have a chance to pull out!!! good luck0
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We recently purchased with a 100% mortgage.
Our solicitor offered a token deposit of £120 odd as deposit, and we were set to exchange and then complete a few days later.
However, there were delays from the vendor and in the end, we exchanged and completed on the same day.
Nerve racking at the time, but the relief (when we completed) was immediate.0 -
I think my sol wants to offer a token amount - but what would be the point of such a small deposit in order to exchange early? If we pulled out would they only be entiled to keep th deposit?! So many questions - still waiting to find out what the seller wants to do.
Rioght now I'd sell my soul to secure the sale!
Total Debt as of January 2010: £61,234 :mad:
Debt Free Day: A long way off!! :j
DMP mutual support thread member: 302 :j0 -
lots of people don't want the nail biting exchange and completion on the same day. either they don't want to risk being held to ransom by unscrupulous parties or because they don't want to book removals/ sort out the pets & kids/line up broadband connections etc until they have a confirmed completion date. there are also issues with releasing funds from a mortgage only to find it is not required.
by accepting a token deposit, exchange can happen in advance of completion and everyone can relax. incidentally, even if you only pay a token amount you are still obliged to forfeit the whole 10% should you not complete. you could be taken to court to secure the remaining money.
there are many people (myself included) who would be very reluctant to exchange and complete on the same day.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi Silvercar,
I agree with what you are saying.
I did not know about having to forfeit the whole 10% irrespective of the amount of deposit put down. To be honest, putting down the £1k I said I had originally would make money quite tight, but I'd rather do that and know we have exchanged and get my peace of mind from that, rather than leave it all to the last day.
Like most things in this process, it's back down to the waiting again - I need to see what my seller wants to do. I don't want to start packing evern though there are only 2 weeks to the proposed date until I feel more confident - in some ways I hope she wants the token deposit to exchange earlier!
Thanks for the input.Total Debt as of January 2010: £61,234 :mad:
Debt Free Day: A long way off!! :j
DMP mutual support thread member: 302 :j0 -
lol Dave! I could have written that answer!!! Sounds like we are in the same position
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Have you signed contracts yet wigglygiggly? I'm not going to start packing yet until I have done that! I will cahse up my sol tomorrow Total Debt as of January 2010: £61,234 :mad:
Debt Free Day: A long way off!! :j
DMP mutual support thread member: 302 :j0 -
The contracts are in my hand, but there are a few queries which need answering. So I shall hand deliver those Thurs morning.
What about you???? And do you have any fingernails left????? lol
Hey, you need to post on the 'Race to be in' thread!!!!
Sonia
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No contracts yet, gonna chase up my sol tomorrow. That's all I seem to do - chase people up! Feels like I am paying them to sit on their behinds all day Will post on that thread later - been watching it with interest Total Debt as of January 2010: £61,234 :mad:
Debt Free Day: A long way off!! :j
DMP mutual support thread member: 302 :j0
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